H. To have charge of the investment of funds and to establish a written investment policy pursuant to section 861, which must be reviewed and ratified at least annually;

Sec. 31. 9-B MRSA §842, sub-§2, ¶J, as enacted by PL 1975, c. 500, §1, is amended to read:

J. To appoint a supervisory committee of not less than 3 members, not more than one member of which may be a director;.__If the duties of the supervisory committee are conducted by an independent public accountant and the board has contracted for an annual audit by an independent public accountant pursuant to section 844, a supervisory committee need not be appointed;

Sec. 32. 9-B MRSA §842, sub-§5, as enacted by PL 1975, c. 500, §1, is repealed.

Sec. 33. 9-B MRSA §844, as amended by PL 2001, c. 211, §19, is further amended to read:

§844. Supervisory committee or independent public accountant

1. Duties of supervisory committee. The If a supervisory committee, is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union, shall examine or cause to be examined carefully the cash and accounts of the credit union annually, and shall report to the board of directors its findings, together with its recommendations. The supervisory committee shall hold meetings at least once each quarter and shall keep records of the meetings.__The supervisory committee shall make an annual report at the annual meeting of members of the credit union.

1-A.__Duties of independent public accountant.__If the board of directors employs an independent public accountant, the annual audits must be conducted pursuant to section 453.__Verification of share, deposit and loan accounts must be conducted pursuant to this section.

2. Verification of share, deposit and loan accounts.

A. At least once in every 2 years, the supervisory committee or the independent public accountant shall verify or cause to be verified the share, deposit and loan accounts